Mortgage Rates for October 24, 2024

Mortgage rates shift daily based on economic trends, lender risk assessments, and new data. The Federal Reserve’s actions, like September’s half-point rate cut, influence these rates, although the Fed doesn’t directly set fixed mortgage rates. Generally, mortgage rates follow the 10-year Treasury yield, which tends to rise with economic optimism. While the Fed and market trends play a role, waiting to time the market isn’t always practical. If you’re ready to buy or sell, shopping around for lenders can help secure the best available rate for your situation.

All rate data is accurate as of October 24, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.71 percent, an increase of 17 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.22 percent. At this rate, monthly payments total $645.94 per $100,000 borrowed in principal and interest, an increase of $11.24 per $100,000 compared to the previous week.

Today’s 15-year mortgage interest rate 

The latest average rate for a 15-year fixed mortgage is 6.07 percent. At this rate, monthly payments total $848 per $100,000 borrowed.

Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 5.125 %, with a 5.514 APR available today in our mortgage lender network.